Morning Gold Fix – November 23, 2010
FMX | Connect – www.fmxconnect.com - (Reported 11/23/2010)
The following is a summary of yesterday’s US gold activity and a recap of Asia & European markets overnight. It includes our proprietary options analytics and news stories from industry professionals.
Summary
December Gold settled at $1357.80 per 100 troy ounces on Monday, a net gain of $5.50 for the day.
December gold was up $1.6 to $1359.4 per 100 troy ounces as of 8:15 AM EST this morning. The December U.S. dollar index was up 0.452 to $79.220. January platinum was down $13.3 to $1642.2 per 50 troy ounces. December silver was down 31.6 cents to $27.145.
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Daily Technical Overview
DEC GOLD
The market remains in a peaking turnover and targets selloffs to test recent congestion lows. A drop through 133010 projects a retracement to 1323*-131560. A close under 1323* alerts for a larger unfolding bear selloff. We may again see corrective consolidation trade creep near 1364-1369, but stalled corrections below 138790* by mid week should keep trend forces biased to the downside, setting up for a downturn. A close over 138790* is needed to rekindle bull forces.
DEC SILVER
Current rallies have muscled a bullish turn, calling for secondary advances to attack the last swing high. A push over 28175+ should spark rallies. We may see a slip to 2-3 sideways consolidation days. But holding corrections over 2609*+ should build a staging level for rallies. A close under 2609* is needed to highlight a reversal to start selloffs against last week’s low.
DEC COPPER
The market remains in a bear down trend with potential to weekly support at 35375. Recent rebounds only show a near term correction which may extend ideways higher congestion for 1-2 days. Only a close over 39015* marks a full bull turnaround to again drive rallies against monthly resistance over 400+. A close under 37080* renews bear forces and targets a drop against last week’s low.
In the News
Bloomberg (Reported 11/23/2010)
“Gold fluctuated in London as North and South Korea exchanged artillery fire and as other commodities declined after the dollar strengthened.
The dollar gained against the euro as South Korea’s Joint Chiefs of Staff said in a statement that North Korea fired “several” artillery shells into the South near the two nations’ western border. Gold, which typically moves inversely to the greenback, reached a record $1,424.60 an ounce on Nov. 9. All six main industrial metals on the London Metal Exchange fell.” Gold Fluctuates on Korean Artillery-Fire Exchange, Strengthening Dollar.
Reuters (Reported 11/23/2010)
“Gold trimmed early losses on Tuesday after a major exchange of artillery fire on the Korean peninsula boosted appetite of the safe-haven asset, as well as
the dollar. North Korea on Tuesday fired dozens of artillery shells at a South Korean island, setting buildings on fire and prompting a return of fire by the South, Seoul's military and media reports said.” PRECIOUS-Gold trims losses on risk-aversion after Korea exchange.
NS Futures (Reported 11/23/2010)
“In addition to fresh geopolitical conflict, it is possible that gold is also garnering some lift this morning because of comments from the German Finance Minister, as he seemed to suggest that the Euro was at risk because of the Irish debt crisis. While the German Finance Minister probably meant that a chain reaction off the Irish debt problem could threaten the Euro, that news was apparently enough to lift gold prices overnight, even in the face of a rise in the US Dollar.
While equity markets in Asia were mixed, stock markets in Europe are generally lower this morning. US stock indices are weaker during the early Tuesday trade.” Daily Metals Commentary.
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